1990-080
CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 90-80
RESOLUTION RELATING TO A PROJECT FOR THE
LONG TERM CARE FOUNDATION; CONFIRMING THE
AUTHORIZATION THEREOF; AUTHORIZING
EXECUTION OF AN AGREEMENT FOR PAYMENTS IN
LIEU OF TAXES.
BE IT RESOLVED by the City Council of the City of Hopkins, Minnesota as
follows:
.
1. By Resolutions duly adopted June 12, 1990 (the Prior Resolutions)
this Council preliminarily approved, subject to certain specified conditions, a Project
consisting generally of the acquisition and betterment of the Hopkins HealthCare
Center by The Long Term Care Foundation (the "Foundation"), and approved and
authorized execution of a Joint Powers Agreement between the City and various
other Minnesota cities, including the City of Minneapolis, authorizing the City of
Minneapolis, in its own behalf and in behalf of the other cities signatory to the Joint
Powers Agreement, to sell, and issue revenue bonds to finance the Project and
other, similar projects located in the other cities.
2. The City has now received draft copies of various documents
relating to the Project and its financing, including a draft Agreement (the "PILOT
Agreement") whereby the Foundation agrees to pay to the City annually an amount
in lieu of taxes. The form of that Agreement is hereby approved and its execution
by the appropriate officer or officers of the City authorized.
3. The Council hereby confirms its preliminary approval of the Project
and determines the conditions of that approval specified in the Prior Resolutions to
be satisfied if the documents received by the City relating thereto are satisfactory in
substance to the staff and counsel for the City. The staff and counsel for the City
shall review such documents and report thereon to the Mayor. The execution by
the City of the Joint Powers Agreement and the Pilot Agreement substantially in the
forms thereof submitted to the City but including such changes therein as may be
recommended by the staff and counsel for the City, shall be conclusive evidence of
the approval by the City of those documents and of satisfaction of the conditions
specified in the Prior Resolutions.
Dated: July 17, 1990